BIMINI CAPITAL MANAGEMENT INC
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
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Condensed Consolidated Statements of Cash Flows (unaudited)
BIMINI CAPITAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended September 30, 2024 and 2023
| 2024 | 2023 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $195,488 | $872,272 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation | 57,368 | 57,367 |
| Deferred income tax provision (benefit) | 1,052,231 | (320,596) |
| Unrealized (gains) losses on mortgage-backed securities | (2,356,357) | 2,745,946 |
| Realized losses on mortgage-backed securities | 561,604 | - |
| Unrealized losses on Orchid Island Capital, Inc. common stock | 119,506 | 1,132,454 |
| Changes in operating assets and liabilities: | ||
| Accrued interest receivable | (83,846) | (216,901) |
| Due from affiliates | (46,717) | (120,807) |
| Other assets | (199,097) | (100,638) |
| Accrued interest payable | 51,359 | 42,466 |
| Other liabilities | (307,604) | (1,516,172) |
| NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (956,065) | 2,575,391 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| From mortgage-backed securities investments: | ||
| Purchases | (80,262,486) | (45,006,724) |
| Sales | 46,252,051 | - |
| Principal repayments | 10,107,394 | 3,293,053 |
| NET CASH USED IN INVESTING ACTIVITIES | (23,903,041) | (41,713,671) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from repurchase agreements | 529,692,000 | 380,920,000 |
| Principal repayments on repurchase agreements | (503,576,000) | (343,321,000) |
| Principal repayments on long-term debt | (20,678) | (15,824) |
| Class A common shares repurchased and retired | - | (13,133) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 26,095,322 | 37,570,043 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,236,216 | (1,568,237) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period | 4,470,286 | 6,773,799 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period | $5,706,502 | $5,205,562 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash paid during the period for: | ||
| Interest expense | $5,507,298 | $3,582,395 |
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